Overview

Filing of the income tax returns (ITR) is a statement of your income across different sources, tax liabilities, the tax that has been paid and the refunds (in case any) that the government is supposed to give. Filing of the income tax provides proof for your income as legal and disclosed. Every individual has to file the return of income if his total income exceeds the exemption limit and pay tax on income as per the Income tax slab for the corresponding period.

Income Tax Slab for the Assessment Year 2018-19

For salaried persons 31st July is the last day to file your Income Tax Returns of the previous financial year.

Every taxpayer whose turnover is above Rs. 1 Crore in case of businesses and Rs. 50 Lakh in case of professionals is required to get a tax audit done. The taxpayer has to appoint a Chartered Accountant to audit their accounts. For the Individuals not liable to tax audit, the last date for the filing of the return is 31st July after the end of the financial year and for the Individuals liable to tax audit 30th September after the end of the financial year.

Documents and details required

Penalty on late filing of ITR 

If the return is filed after the due date but before December 31st of that year a penalty of Rs 5,000 will be levied. Penalty will be Rs.10,000 if the return is filed after the due date. However, as relief to small taxpayers, if your income is not more than Rs 5 Lakhs, the maximum penalty levied will be Rs.1,000.